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Year 11 (2025) Maths Standard (2025) Earning and Managing Money

Calculating Tax

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Question 1
66001

Julia earns a gross wage of $810 per week as a shop assistant. She also earned $5600 from her YouTube account this financial year. Julia had tax deductions totalling $2560. She paid $6078 in PAYG tax throughout the financial year.

Tax rates for the 2019 financial year
\begin{array}{|l|l|l|}
\hline \text { Taxable income } & \text { Tax rate } & \text { Tax payable } \\
\hline 0-\$ 18200 & 0 \% & \text { Nil } \\
\hline \$ 18200-\$ 37000 & 19 \% & 19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 90000 & 32.5 \% & \$ 3572 \text { plus } 32.5 \text { c for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 90001-\$ 180000 & 37 \% & \$ 20797 \text { plus } 37 \text { c for each } \$ 1 \text { over } \$ 90000 \\
\hline \$ 180001 \text { and over } & 45 \% & \$ 50097 \text { plus } 45 \text { c for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}
Note: A Medicare levy of \(2 \%\) of your taxable income must also be paid each year.

i) Calculate the income tax she should have paid for the year (including the Medicare levy of 2%)

ii) Julia did not pay enough tax. How much money did she need to give the tax office at the end of the financial year?

iii) Calculate the PAYG tax that should have come out of her pay each week so that she would have paid the correct amount of tax.

i) $7127.20

ii) $1049.20

iii) $137.06

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